Paycheck Protection Program (PPP) Has Helped More Than 3.8 Million Small Businesses ... And Counting
Since the launch of the PPP April 3, the SBA has processed more than 3.8 million loans for more than half a trillion dollars of economic support.
In the second round of PPP funding, smaller lenders and smaller businesses are leading the way. Since the SBA resumed processing PPP loans April 27:
- 2.2 million loans have been approved, which surpasses round one
- $175 billion in loans have been approved
- The average loan size is $79,000 compared to $206,000 in round one
Locally in the Pacific Northwest, the following PPP loans have been approved in round two so far:
- Alaska: 3,920 loans worth $338.7 millionCombined with round one: 8,762 loans worth nearly $1.3 billion
- Idaho: 12,411 loans worth $719.8 millionCombined: 26,038 loans worth nearly $2.6 billion
- Oregon: 31,119 loans worth $3 billionCombined: 49,851 loans worth $6.8 billion
- Washington: 50,288 loans worth $5 billionCombined: 80,709 loans worth $12 billion
Read more about PPP progress in this joint statement from SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin; or, in these reports.
Approximately $135 billion in PPP funding is still available for small businesses. Connect with a lender to learn more.
Economic Injury Disaster Loan (EIDL) and EIDL Advance Portal Reopens Today for Agricultural Businesses
SBA Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.
SBA’s EIDL portal reopened today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic.
Businesses who submitted a COVID-19 EIDL application prior to March 30 and have a “2” as the lead number in their application confirmation number must reapply using the new streamlined application for their application to be processed.
Applicants with a “3” on the front of their 10 digit application confirmation number means they have successfully applied using SBA’s new streamlined application and the SBA is processing the application. Businesses will be notified directly when the loan is approved.
For any questions related to EIDL or EIDL Advance, contact the SBA Office of Disaster Assistance Customer Service Center at 1-800-659-2955 or DisasterCustomerService@sba.gov.
For more information about PPP and other funding options for small businesses, visit:
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SBA Pacific Northwest Regional Office
Serving Washington, Oregon, Idaho and Alaska
2401 Fourth Avenue, Suite 400
Seattle, WA 98121
(206) 553-5231 ▪️ region10@sba.gov